Published January 18, 2013
Despite all the naysaying, the market continues to behave nicely. Of course, there’s always a “but” and in this case, it’s still the old highs from 2012 that pose a problem. The market has moved up fairly rapidly, and in cases like that, I expect a pullback before resistance is broken. But, I think that breakout will happen sooner rather than later.
I haven’t looked at financials in awhile, so I thought it was a good time to look at two big names. The first is Bank of America (BAC), and it’s one I’ve always played on pullbacks. If you’re in that camp, there might be a buying opportunity soon.
The other is Goldman Sachs (GS). It’s always portrayed as the Darth Vader of the financial sector, but unlike Mr. Vader, it refuses to die.
I’m taking a short vacation next week, but I’ll be back in full force to kick off February.